Sales of hotels top £70m in Republic

THERE were €85m (£70.2m) worth of hotels sold in the Republic in the first quarter of 2014, a 150% increase on the value of hotel properties sold in the first three months of 2013, according to property firm Savills.

THERE were €85m (£70.2m) worth of hotels sold in the Republic in the first quarter of 2014, a 150% increase on the value of hotel properties sold in the first three months of 2013, according to property firm Savills.

It said that 13 hotels were sold in Ireland in the first quarter of this year, compared to six in the first quarter of 2013.

Savills said the latest figure also did not factor in a number of hotels where the sale had been agreed but not finalised.

Major deals inked included the sale of the Hilton Hotel Dublin for €30m (£24.7m) and the Clare-based Doonbeg Golf Resort, which was bought by US billionaire Donald Trump for around €15m (£12.3m). Sales in the pipeline include the Portmarnock Hotel and Golf Links and Dublin city centre's Westin Hotel.

"It has been a solid start to the year for the Irish hotel property market" said Savills head of hotels Tom Barrett.

"Based on the first three months of what is coming to market, we expect sales to exceed €300m (£247.9m) this year."